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TechnoratiDon't Cede More Economic Authority to Unaccountable Fed
The reviews are in on Barack Obama's plan to address the crisis of Wall Street speculation and casino capitalism that has dramatically increased the gap between working Americans and the rich, created pressure for the deindustrialization of the United States and depression of wages and income for workers and farmers and created a nasty banking crisis.
Though even Obama acknowledges that this is the big one –- the issue that as much as anything led Americans to elect him last fall –- his "financial overhaul plan" did not merit above-the-fold coverage on the front page of The New York Times, the country's "newspaper of record." Two stories from Tehran and one on a poll about health care reform held the top spots. The overhaul merited only a feature suggesting –- correctly -- that there was "only a hint of Roosevelt" in Obama's plan.
In other words, for the great mass of Americans there will be no new "New Deal." To be sure, there's some good stuff here: creation of a new agency to help protect consumers of "financial products" and some stronger transparency requirements, a few more rules regarding banks and mortgage-backed securities. "But," as Times writer Joe Nocera notes, "it's what the plan doesn't do that is most notable." Nocera focuses, appropriately enough, on the failure of the administration to do much about the problem –- for taxpayers and for democracy –- of banks that are "too big to fail."
But the real concern ought not be focused on what this seemingly tepid plan fails to do.
The real concern is what it does.
The plan dramatically increases the authority and reach of the Federal Reserve, an already too powerful and unaccountable institution that will -- to the delight of the administration's "Fed men": Treasury Secretary Tim Geithner and administration economic adviser Lawrence Summers -- become what the Wall Street Journal says will be "the nation's most powerful financial overseer."
"The proposal, if passed into law, would represent one of the biggest changes ever in the Fed's role," explains Journal writer Sudeep Reddy. "The central bank would win power to monitor risks across the financial system, and sweeping authority to examine any firm that could threaten financial stability, even if the Fed wouldn't normally supervise the institution. The nation's biggest and most interconnected firms would be subject to heightened oversight by the central bank."
In announcing the plan, President Obama claimed "that lines of responsibility and accountability are clear" with regard to the new authority being placed in the Fed's hands.
That is a ridiculous statement.
The Fed is famously unaccountable and resistant to transparency. Even Geithner acknowledged in his Thursday morning session with the Senate Banking Committee that there is a need to look at reforming the Fed's lax governance structure.
But don't expect Geithner of others in the administration to take a lead when it comes to fixing the Fed, an agency that zealously guards –- for logical reasons, as its track record is one of frequent missteps and failures on an epic scale. As Senate Banking Committee chair Chris Dodd said after reviewing the central bank's significant flaws, "There's not a lot of confidence in the Fed at this point, and I'm stating the obvious."
What should be obvious to everyone is that Congress needs to get a grip on the Fed –- which is structured in a manner so that it faces little or no congressional oversight -- before it allows Obama's proposal to advance.
So says Ohio Congressman Dennis Kucinich, the dissident Democrat who responded to Obama's plan by declaring that: "Before Congress gives the Fed any new authority, we must thoroughly examine the Fed's response to our current economic crisis."
Noted Kucinich:
Since August 2007 the Fed has intervened in the economy in an extraordinary way, as a result ballooning their balance sheet from $847 billion to more than $2 trillion. Yet, we still don't know what the Fed has done or who got the money. That is why I introduced the bipartisan HR 2424, which would grant the GAO the authority to audit the Fed's response to our nation's economic crisis, a response that has dwarfed the $700 billion TARP program by more than 2 to 1.Before we grant the Fed any new authority, we must demand greater transparency from the Fed; an earnest and open audit of the Federal Reserve's response to the economic crisis would be a significant step in the right direction. We can't continue to let the Fed operate within a black box.
Kucinich has proposed HR 2424, a piece of legislation that would amend United States Code "to authorize reviews by the Comptroller General of the United States of any credit facility established by the Board of Governors of the Federal Reserve System or any Federal reserve bank during the current financial crisis, and for other purposes."
Several progressive Democrats and old-right Republicans, including Texas Congressman Ron Paul, have cosponsored Kucinich's measure. Additionally, Paul has proposed H.R. 1207, which would amend the bill "to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes."
A majority of House members –- 234, so far, ranging from the most progressive Democrats to the most conservative Republicans -- have signed on as cosponsors of this necessary legislation.
This is one of those issues that makes sense to any honest representative, no matter what the party or what the ideology. Our elected and reasonably accountable federal officials cannot cede more control over the U.S. economy to the unelected and unaccountable Fed without auditing, reviewing and reforming how the Federal Reserve System operates.
34 Comments so far
Show AllIt was the FDIC that reorganized the failed S&L's, back in the late 1980's. It's the FDIC that is reorganizing the smaller banks that have failed in this recession. It's the FDIC that should have reorganized the failed Wall Street banks. Let's give them more authority, not the Fed. The Fed is a private company. It's a quasi-government institution. We don't even know who owns it. It exists to allow the Wall Street oligopoly to conspire against the rest of us. It will never restrict Wall Street abuse of power. It is part of that abuse of power.
Rural Doc, you're exactly right. That was Obama's latest sellout. And it makes Sioux Rose's prognostications all the more believable. We are being set up and almost no one knows what's happening. All the easier for the elite who do this to us to point fingers of blame. Considering how smart Obama is, he should realize he will be made a patsy by allowing the FED to "watch" the investment corporations.
I just read quite an interview in Truthout between Bill Moyer and Robert Reich. Reich pointed out that Obama needs to push back hard against Baucus and also the overhaul of the banking system supervision. He said these two issues will define Obama's presidency. But putting the FED in charge of supervising regulations is an ominous beginning. Reich also pointed out that just as the Democrats in Congress need political cover from the President, so the President needs political cover from the public. It looks to me like no one is getting political cover. Reich said Congress needs to hear a huge public demand for meaningful health care insurance reform and a public option that will actually lower costs and real banking reform, not a whitewash. This is where Obama has a bully pulpit. He can call on Americans to contact their Representatives and Senators and push and he will be right with them (so Reich says - I can't say I've seen evidence of that). Reich also said regarding single payer, in our present political system (read: lobbyists) there is no political will for single payer. It's clear to me that FIRE owns Congress, we don't. They call the tune and Congress dances to it. And as long as we go on voting in this two headed corporate party it will stay that way.
So let's start a Main Street Party. It begins with a phone call to your Secretary of State for a manual for registering a minor party. If we each do that, within our own Congressional districts, we can start small and run an opposition candidate against these corporate crooks calling themselves Representatives of the people. Knock them off, one by one. That would shake up the powers-that-be. It's not an overnight solution but there isn't one anyway.
When the people fear their government there is tyranny,
when the government fears the people there is liberty.
~ Thomas Jefferson
In other words, for the great mass of Americans there will be no new "New Deal."
-duh
This is one of those issues that makes sense to any honest representative, no matter what the party or what the ideology.
-In other words, this is a lead balloon that's never going to get off the ground.
"The nation's biggest and most interconnected firms would be subject to heightened oversight by the central bank."
This is an effing joke! The nation's biggest and most interconnected firms are the central banks and the large corporations they loan money to.
"Before we grant the Fed any new authority, we must demand greater transparency from the Fed; an earnest and open audit of the Federal Reserve's response to the economic crisis would be a significant step in the right direction. We can't continue to let the Fed operate within a black box." - D. Kucinich
No....and we can't let the CIA continue to operate within a "black budget".
...."we must D-E-M-A-N-D greater transparency".......HAHAHAHAHAHAHAHAAHAHA!!!!! I'm doubled over already!! Yep gang.....WE MUST DEMAND.....WE GOTTA....AND WE HAFTA! Cuz they only have ears for us....don't they? They're only looking out for "our" best interests and if we DEMAND then they'll know we're really, really mad and then......WHAT? Why do I keep reading things like this? Urp, Slop, bring the Mop...
You're funny im1truthteller. That was my response too, but you said it so much better.
When the people fear their government there is tyranny,
when the government fears the people there is liberty.
~ Thomas Jefferson
people- there's always whining about what to do. heres what to do- mobilize your
friends neighbors and get busy marching! nothing will change sitting on your asses
at a keyboard typing away! we need to take action we are at the end of the line!
Let's just summarize this already. Obama will write Kucinich off and the author is begging Obama not to. Nice try but forget it pal !
At first I felt speechless but I'm never that for long. But the theft of our democracy is breathtaking.
The FED has stolen our money, Congress is owned by the corporations and about to pass a law forcing us to pay the insurance industry to control our health care decisions. We have a Supreme Court looking like the Third Reich. The government is building compounds to corral us if we object. What's left?
When the people fear their government there is tyranny,
when the government fears the people there is liberty.
~ Thomas Jefferson
"To be sure, there's some good stuff here..."
Of course there is - that's how the f@#king game is played, which JN knows better than most.
One good thing for you, ten bad for me; two for you, twenty for me...
Throw the dogs a bone to distract them during the raping, pillaging and burning part...
And just when the dogs accept that the bone is the best they're gonna get, the final bill doesn't include any bone financing...
Good doggies...
one can only say :
the FEDBANK policies (its PRIMARY function being to Be the WOrld's MAIN CURRENCY MANIPULATOR to prop the dollar and US economy up ARTIFICIALLY against the the rest of the world) --
the WALL street Coddling -- are part and parcel of the US economic debacle that was INEVITABLE anyway.
it might as well be HASTENED by these measures.
as it is - they are simply trying to patch up the Burst Bubble - reflate it - refloat it -
and THIS time with the US treasury itself BUBBLE-ing up.....
in DUE TIME -- the US ECONOMY will FALL in even larger ways.....
it's a ZOMBIE economy, PERIOD.
that's why China , Russia, Brazil, India and others are already creating Alternative (not to say REPLACEMENT) -- world order. ...
starting with increasing their gold holdings... stabilizing trade in the chinese currency (it is already in effect between china and brazil -- which is the largest south americna economy) - several southeast asian nations -- with what is in effect an "asian monetary system".....
by the time the USA 'recovers'....thinking that it can , through the Many Trillions of Dollars of Federal Money PRINTING out of thin air - that it can "inflate" its way out of debt and deficits (lol) - other countries , ESPECIALLY the emerging countries , have already succeeded in Decoupling themselves from the US economy. they are ALREADY in the process of doing so - and BECAUSE of that are the FIRST to emerge out of the world recession. and there's nothing the USA and Europe - the world's main colonialists that imposed their failed "world order" can do about it...but be relegated, for the first time in modern history , to the place they OUGHT to have been according to their resources and populations..just ordinary countries like anyone else and CERTAINLY far from being the world's "superpowers".
and the USA? - for all its bloated self-aggrandizement and attempts to rescucitate a FAILED economic model.?........that it has tried to export everywhere? ..........
it will be staring into a new global order in which the USA is in many areas
PERIPHERAL.
probably deservedly so and for the greater peace of the world.
it will take some time -- but I personally give it - uh - about five years at best.
in fact - china and other countries to whom the USA is indebted - FAR from the common wisdom in the "denial" crowd in washington and wall street about how the Trillions of dollars held by china and others have TRAPPED THEM into the USA policies --
are already in the process of putting in effect (by their accelerating diversification into REAL wealth, such as gold, minerals, oil, gas, etc. away from their own dollar holdings while avoiding a stampede out of the dollar to , meanwhile, maintain their value) -
to one day FORCE the USA to
PAY THEM NOT IN DOLLARS - but in "panda" monetary accounts:
usa deposits dollar payments into an international "clearing house" such as the IMF - where the value is "frozen" through a basket of emerging currencies including the Yuan - and then paid "out" to the other economies in THEIR currencies usable in their DOMESTIC growth to rebalance their economies away from over-dependence on the "us consumer" which is proving to be UNABLE to absorb goods BECAUSE of the failing US economic shenanigans.
give that five years . or even MONTHS. just watch.
Sioux Rose
TEDDY: You laid things out quite well. You said you give it about 5 years. Would it impress or surprise you to learn that exactly coincides with a particular astrological event, the one America as a national entity was born on, involving Pluto, the planet that relates to processes of demolition and reconstruction, endings that precipitate new beginnings? Pluto's orbit is 248 years and since we grant every astrological aspect (it's all based on geometric angles) a 3-degree arc, that means this tear down-renewal process begins to reach full impact in 2011 and continues into 2015. I believe a form of tribulation is underway now till then. And quite likely it will be the loss of financial power that brings it on. After all, even if guerilla war-fare ties up the U.S. military in several "theaters" of war, it's money that really speaks our government's (by, for, and of the corporations) language.
Sioux Rose, thanks for enlightening us with your astronomy knowledge. You always post interesting facts.
Sioux Rose
RIC: I'm glad you found the posting of interest. I would classify my work as astrology, although at one time the astronomer and astrologer were the same person.
Thanks for the clarification SR. Actually, I thought astronomy was an incorrect term but astrology didn't come to mind at that moment. And technically, astrological information is not a fact, but a belief, because no evidence can be produced to prove the claims, however it is fascinating.
Sioux Rose
Ric: Thanks for the "part about fascinating," but actually there is MUCH proof. It does not always conform to linear constructs, that is singular cause factors. The logic behind astro-logic analysis is based on synchronicity among a number of recurring cycle-based systems. We have HUNDREDS of years of anecdotal data that corroborates some of our more important "analogies" insofar as the grand "as above, so below" equation goes, or should I say operates. If I didn't bear witness to these analogies I would not have given over 30 years of my life to this realm of study, counseling, and analysis.
SiouxRose -- i am actually FLOORED by what you revealed. mine is just a guess based on my limited understanding of events and what would seem to be the reasonable , or logical , or natural conclusions.
but to see them from an even wider view such as you presented - where it can even be a matter of "destiny"....that is , frankly, beyond my understanding.
in a way -- from the asian standpoint - at least the way traditional chinese would see it - who after all represent something BEYOND the limitations of mere "epochs" of mere generations-length , as what they like to call themselves as "the Middle Kingdom" (basically as the centre around which the then "known" geography was: asia) - the well-known "ying-yang" also dictates such a rebalancing.
CLEARLY _- the world has been UTTERLY unbalanced, primarily driven through the western point of "conquest", "domination"., meddling, resource theft, and the attendant "disharmonious" economic and political policies behind it.
such a PRESENT example is the Global Empire the USA "enjoys" representing the "will" of the "american way" - ITSELF born out of an IMBALANCE that led to the destruction of the Native Indians , enslavement, Profit above all, undue reliance and worship of "private property" to the detriment of the common good and THUS to the very "progress" we all live under and can not imagine living without - that ITSELF is a misuse of science and technology towards profiteering rather than the betterment of existence for all --
which in the end - as we see - POISONS this very wonderful awesome , terrifyingly beautiful Mother Planet of ours...
it is also an Imbalance in terms of "power and wealth" ...as shown by General Smedley Butler - such as the world has NEVER known to its extent :
"the purpose of our foreign policy has always been to gather the worlds' resources unto ourselves at the expense of others. and to make it safe for our supernationalistic capitalism and our cultural and economic assault"......
to REPRESENT the "will" of 300 million people "weighted" against the the rest of 6 BILLION human beings?
something is going to snap at some point. and UNLESS 300 million people can SUSTAIN that against the weight of what 6 BILLION OTHERS need -- NEED -
it is the USA that will FAIL in its present course rather than the other way around.
The TRAGEDY is that in CLINGING TO IT - it has become the CAUSE of MORE suffering THAN is NATURAL or NECESSARY for humans, creatures, plants, animals, and the earth to BEAR.
ALL BECAUSE of a SYSTEM that is poisonous in its very essence despite its "gifts" of "progress"......which exact a VERY HIGH PRICE upon everyone, in more ways than one.
and its CENTRAL REASON for existence and promotion?
PROFIT, POWER, MONEY.
it is amazing to me that before the europeans came to the americas the native indians had practically no concept of MONEY. and yet they LIVED with what nature gave them . honoring it and fearing it and knowing it as a BESTOWER of life rather than something to "conquer". and THEN to turn into MONEY! which is what the USA has been foremost in forcing the rest of the globe to swallow - ONLY to lead to dehumanization and the corruption of things .
Sioux Rose
TEDDY: The Truth, insomuch as it reflects the unchanging universal Verities can be approached from 12 perspectives, or templates (paths) of human experience. That you come to the same conclusions I do from a different basis in perception fits this paradigm.
I like what you said about balance as that's been a chief theme that I have brought into CD discussions. The most primary dyad is the male-female division, and it could be said that the traits resonant with each gender are what needs to be brought into balance. We see some women in positions of power but the vast majority act like men; and we see some men acting like women by reclaiming "their inner feminine." There are men who are better at nurturing children than their spouses, some are better cooks and interior designers etc. (We incarnate in both genders and retain the experience of previous lifetimes.Thus whatever our current gender, we tend to reflect the characteristics most consistent with soul memory.)
The qualities of human experience, Mercury for intellect and learning, Venus for sensuality and a natural penchant for talent in the arts, Mars for ego and aggression, each has their place. If mankind understood that the circle demonstrates the ways and means for harmonizing all of these innate traits, we'd be better off.
America has identified with Mars to a very disproportionate degree since it used the bombs in the l940's. Mars is the old god of war and up until the discovery of Pluto (which astrologers see as the "upper octave" of Mars) weapons were chiefly guns and canon fire. Pluto brought an entire new dimension to warfare: that of nuclear weapons, lasers, and radioactive time bombs that keep on ticking down the genetic line, generation to generation.
Once the U.S. embraced the power of the dark god (Pluto/Mars) much of our economy became entangled with it and its dismal fruits. Eisenhower were prescient enough to recognize the trend, to see the money made after WWII through the initiative of The Marshall Plan. But why wait for war to profit when you can make war, and all you need are pro-war leaders and a media ready to drum the beat for aggression at every turn. So Hollywood movies with good guy/bad guy themes are developed with government black budget money supporting such themes. An army of lobbyists loyal to Mars-ruled industries descend upon DC, and media is bought out by rightwing big shots with their own think tanks developed. Alas, an army of experts, and all prefer war over peace, all advocate for elites over the rights and needs of citizens and so forth. The illusion of consent, manufactured!
Mars resonates with me-first, the individual as opposed to the group, competition over cooperation, war over peace, etc. Given the obscene budget allocated to the MIC, I do not believe anyone can impeach my case that MARS RULES in this nation! It is seen in how medicine is now being practiced. There is so little CARE or nurture, it's all about expedience, profit, and cutting/poisoning the body as if the disease is an ENEMY. Every aspect of culture is devised in terms of warfare, the war on drugs, the war on cancer, the war on illiteracy, the war on poverty, and as I shared before in this forum, this does not work. That understanding goes back over 2000 years and is recorded in Kua/Hexagram 43 of the Ancient I ching where it explains that a fight with evil never is, and never can be won. What tends to happen instead is that the well-motivated end up utilizing all the tools, ways, and means of EVIL. U.S. foreign policy presents a textbook example. Those unmanned drones are evil incarnate as they indiscriminately target and kill civilians. But in the U.S. the "fine art" of PR makes use of exceptionalism in an attempt to justify such heinous policy as if it is merely rendered in pursuit of bold ideals. Alas, pragmatism at its darkest!
Last night while biking I had a revelation with respect to the upcoming (once in 248 year) opposition of Pluto, the dark god of the underworld, to the U.S. July 4 Cancer sun. Basically, the portent represents the full measure of the ROT (and its attendant dangers) from within. Pluto's opposition calls for regeneration of a society on all levels, and actively prompts the necessity for that process. The pattern has begun, but escalates from 2011-2016. I see the next 7 years as some of the toughest to our nation's history. Mars rules IS the quintessence of imbalance, threatens the entire circle and all living beings. Placing warfare above all other measures is insane and diabolical. The US has shown no wish to learn from its errors, and so the karmic boomerang must elicit this education.
SiouxRose ...again , another highly enlightening essay from you.
when i read it - i instantly recalled reading shortly before - THIS article ...
http://www.truthout.org/062009Y
i excerpt the initial paragraphs ..but please read the rest..
DIGG
Destroying Indigenous Populations
Saturday 20 June 2009
by: Dahr Jamail, t r u t h o u t | Perspective
photo
Most of the Sioux's land has been taken, and what remains has been laid waste by radioactive pollution. (Photo: Library of Congress)
The Fort Laramie Treaty once guaranteed the Sioux Nation the right to a large area of their original land, which spanned several states and included their sacred Black Hills, where they were to have "the absolute and undisturbed use and occupation" of the land.
However, when gold was discovered in the Black Hills, President Ulysses S. Grant told the army to look the other way in order to allow gold miners to enter the territory. After repeated violations of the exclusive rights to the land by gold prospectors and by migrant workers crossing the reservation borders, the US government seized the Black Hills land in 1877.
Charmaine White Face, an Oglala Tetuwan who lives on the Pine Ridge Reservation, is the spokesperson for the Teton Sioux Nation Treaty Council (TSNTC), established in 1893 to uphold the terms of the Fort Laramie Treaty of 1868. She is also coordinator of the voluntary group, Defenders of the Black Hills, that works to preserve and protect the environment where they live.
"We call gold the metal which makes men crazy," White Face told Truthout while in New York to attend the annual Permanent Forum on Indigenous Issues at the United Nations in late May. "Knowing they could not conquer us like they wanted to ... because when you are fighting for your life, or the life of your family, you will do anything you can ... or fighting for someplace sacred like the Black Hills you will do whatever you can ... so they had to put us in prisoner of war camps. I come from POW camp 344, the Pine Ridge Indian Reservation. We want our treaties upheld, we want our land back."
Most of the Sioux's land has been taken, and what remains has been laid waste by radioactive pollution.
Sioux
TEDDY: Thanks for the references, acknowledgement, and your complementary analysis. Your mind is open enough to take truth from a diverse array of sources. That's how I try to operate, too. We can't grow consciousness if we only feed it the same redundant seed thoughts. Some only want to confirm what they already know. Thank you for not belonging to that "club."
and related to this are two remarks by two of the "fathers" of the "nation" that was to be the US EMPIRE.....with all the accompanying commissions of genocide, wars, theft of resources and lands, the "exceptionalism" mantra, the enslavements, the tortures, the creation of treaties that will be broken at will and at convenience....right UP TO OUR DAY....:
GEORGE WASHINGTON: "........our INFANT EMPIRE".......
THOMAS JEFFERSON: "....when I contemplate if there is truly a GOD OF JUSTICE .....how I TREMBLE for our nation".........
YIN and YANG...Pluto...the balancing that nature will one day demand and impose....
even upon the nation/empire -that thinks it is so exceptional it can DEFY the laws of nature and existence and the universe -
and DO SO perpetually , as in its current quest for "FULL SPECTRUM DOMINANCE" upon the earth --
for the fact that its VERY EXISTENCE and sense of "righteousness" is based - fundamentally -- on the principle :
"BEGGAR THY NEIGHBOR".
ONLY TAKE - NEVER give.
Reagan lives!
We appear to be on the cusp of privatizing the enforcement of financial laws (insert appropriate comments about foxes and henhouses here).
Couple that with the likelihood of being forced to buy health insurance "products," and the transformation from republic to feudal fiefdom is complete.
Nichols is always a day late and a dollar short.
Read and learn John:
http://www.commondreams.org/view/2009/06/19-3
Krugman's piece on the same subject.
To be fair, Krugman was a day late as well,
If I recall correctly, Dean Baker, Michael Hudson, Richard Wolf and others have commented on this even before Kruggie did.
But then again none of that really matters, we can't do any thing about this, short of a popular revolt.
HR 2424 and HR 1207 are attempts to find out how the FED works now, and to whom they have given that $2 TRILLION. The fact that our government does not know these facts is an indication of how out of control our monetary system is. The Federal Reserve is a cabal of private bankers who are not regulated by our elected officials or the Treasury Department. This cabal was given control of the monetary system of the United States late in the evening of Dec. 23, 1913 -- when most legislators had left Washington D.C. for the Christmas break. Only three members voted to pass the Federal Reserve Act. In those days, a bill passed by a majority of who ever was present when the vote was taken.
Our Constitution states that the monetary system of our nation must be under the control of the Congress and the Treasury Dept. Under the Federal Reserve, our government has to borrow funds at interest to fund our federal government. We, the taxpayers, pay interest on the funds that are backed by the taxing power of our government. The Federal Reserve has nothing at risk with these loans.
The purpose of the Federal Reserve is to make profits and give control of the monetary system of the United States to these private bankers. Through the Federal Reserve these banksters manipulate inflation and deflation to their benefit.
It is not enough to audit or regulate the Federal Reserve, it is time to REPEAL THE FEDERAL RESERVE ACT and return to the provisions for our monetary system as stated in our Constitution. HR 833 proposes the repeal of the Federal Reserve. That is the bill that deserves our support.
END THE FED!
the USA is not the one the will "end the FED" -
however THAT is accomplished.-- in terms of removing from these private bankers posing as the "national bank" -- the power of the US federal bank in MANIPULATING the world financial system (the USA is in fact the world's MAIN currency manipulator throug the fedbank policies - based on PURE "faith in american credit-worthiness" which is GARBAGE right now) -
that will be accomplished by the actions of CENTRAL BANKS in other nations.
in fact they are already making the moves to do so..while still protecting their currencies pegged to the dollar so that the value of their holdings in US dollars are not jeopardized "too swiftly" before they are READY to more fully diversify AWAY from US bonds.
let the FED and USA Treasury and Wall Street Keep up their ORGY....
the day wll come the american people will wake up and it's too late....and THEN that when you'll see the sort of protests seen in iran...in far larger scale. but BY then -- the USA will have become a FAILED STATE.
in fact - it already is...with WAR its only real "export" product "earning" ANYTHING at all.
it's funny -- but years ago -- i predicted to some friends :
the time will come when foreign governments and central banks will gradually SHUN the US dollar for one reason or another PURELY OUT OF SELF_INTEREST....and that it's going to be so BECAUSE of US policies. ..and that the MYTH of the world economy being SO TIED to the USA will be exposed for the canard that it REALLY has been all along.
for if there is ONE thing that is TRUE above ALL in this wolrd...
no MATTER how bad the world economy becomes - and all problems...
it is the USA that can NOT survive without the REST of the world RATHER than the OTHER way around.
the fate of 6 billion people does not depend on what 300 million people WISH. ..if it comes down to the the bottom line of existence and self-interest.
it was just a matter of time before the right "events" arrive.
I second that hear hear! I feel angry and sick, I can't figure out if I want to yell or puke.
hear hear!!
where's angryoldman on this?
he's usually all over the banksters
Kucinich is an honorable man. I wonder how long it will be until he dies in some small plane crash.
too sad the times we live in.
Nichols sez: "So says Ohio Congressman Dennis Kucinich, the dissident Democrat ... "
***
A revealing description of what it's come to. That a "Democrat" who espouses liberal ideas is now a party "dissident".
The most important commodity in the United States is now the tin can - the one you put your money in and bury in the backyard (if you have, or ever had, a back yard).
Mordechai - unfortunately - you are correct.
it is the US ECONOMIC SYSTEM that has brought this about.
when PROFIT is placed before Common good........
this is the result.
HENRY CK LIU wrote in asiatimesonline (prescribing suggestions for "how china can save itself from the US led economic failures", etc.)
is in sum :
"THE TRUE WeALTH OF NATIONS is NOT Money....but PEOPLE...investing National Sovereign Credit IN PEOPLE is the way for an economy to become prosperous and just...by using Sovereign credit - rather than depending on foreign investments and therefore sovereign DEBT - to build an economy based on JUST ECONOMY, with EVER RISING WAGES at FULL EMPLOYMENT....this can be done only by utulizing SOVEREIGN CREDIT for the purpose of investing in the TRUE WEALTH of NATIONS --PEOPLE..only in this manner....with full employment at high wages....through Sovereign Credit issuances redeemable by the improved economy...can a nation's true destiny of just prosperity be achieved ..a global cartel of WAGE and LABOR must be constructed to balance the GLOBAL CARTEL of Money Capital...a nation's destiny of national prosperity and economic justice can quickly be achieved through domestic investments from Sovereign credit (created by the national government) in which the citizenry consists of people that are healthy, and freed to be creative...recompensed properly ...and therefore able to achieve whatever it is they wish to achieve.....this creates a society - with ever-rising wages at full employment programs for domestic consumption - where - since every person is, in effect, prosperous.....and wealthy.....the very notion OF WEALTH becomse IRRELEVANT".
but you see - in the USA -- with all its cultural braggadoccio about "individuality" --
its economic and political system is in DIRECT CONTRADICTION of exactly THOSE slogans about "freedom and justice" .
THAT"s why the USA is a FAILED economic model. it invests in '
MONEY...but NOT in people.
use the cans for food because that paper is only going to be good to wipe your ass with.
The cans are lined with plastic that contains bisphenol-A. They get you one way or another.